Oscar winner Branch returns to his underwriting rootsUS MGU Avoca Risk Underwriting Solutions (Avoca) has hired Chris Branch, the former Beazley executive who has the rare distinction of being an Academy Award winner and an ex-Lloyd’s underwriter.
Goldman Sachs and Morgan Stanley exposed if EUR720mn Ethniki sale failsThe sell-side bankers who advised in the sale of Greece’s oldest insurance company Ethniki could be pursued for compensation if the takeover saga fails to complete by the fast-approaching deadline.
Validus’ AlphaCat completes $5mn LatAm ILS transactionValidus Holdings’ insurance linked security (ILS) fund manager AlphaCat has completed a $5mn catastrophe bond transaction with Brazilian reinsurer Terra Brasis Re.
Axa swoops for XL with $15.3bn buyout offerAfter weeks of speculation Axa emerged as the victor in the race to buy XL Group with a $15.3bn (EUR12.4bn) all cash offer that sets the scene for further consolidation in the global P&C market.
Bermudian shares soar on XL coat-tailsShares in Bermudian (re)insurers posted gains in early US trading on the back of Axa’s blockbuster $15.3bn offer for XL Group, with mooted takeover target Aspen leading the way with a rise of around 5 percent.
JLT Re appoints Ariel Hernandez senior vice president for MiamiJLT Re has hired Ariel Hernandez as senior vice president in Miami to lead the broker’s analytics efforts for the Caribbean, Central America and broader Latin America Region.
Equifax to recover $75mn from insurers over data breachUS consumer credit reporting agency Equifax is set to recoup $75mn from its insurers after taking a $275mn hit from a data breach last year when hackers stole sensitive customer information.
RMS hires Valley veteran White as CEOCatastrophe modelling firm RMS has tapped up experienced Silicon Valley executive Karen White as its new CEO.
AmTrust rises to just under privatisation offer priceShares in AmTrust have jumped to $13.10 in early New York trading, a fraction under the $13.50 price offered to shareholders as management bids to take the carrier private.
AmTrust founders up buy-out offer to $2.7bn as company discloses 'material weaknesses'US carrier AmTrust has upped its buyout offer to public equity holders to $13.50 per share and requested a 15 day extension to file its 2017 results amid “material weaknesses” in internal controls in a hectic 24 hours after sister company Maiden Holdings posted poor Q4 results yesterday.
AmTrust completes US fee sale to Madison DearbornUS carrier AmTrust has completed the sale of a 51 percent stake in its US fee business to private equity firm Madison Dearborn in a deal struck late last year which brings the firm around $950mn in cash to boost its capital base.
Maiden shares plunge as investors punish AmTrust reserve chargeShares in Maiden plunged by as much as 16 percent in early morning trading in New York as investors pummelled the Bermudian reinsurer for a $139mn reserve charge on a book of business written by its sister company AmTrust.
US and LatAm push JLT insurance revenues up 5%Organic revenues at London-listed broker JLT’s insurance businesses rose 5 percent last year as a strong performance in Latin America and continued growth in the US helped it to a £192mn ($266.8mn) underlying profit.
Reputational riskIn February the broker Lockton became the latest US company to bow to pressure to boycott the National Rifle Association (NRA) following a mass shooting at a school in Florida earlier this month that left 17 people dead.
Nat Gen beats despite $53mn wildfire lossNational General beat analysts expectations to deliver a $30mn operating profit in the fourth quarter despite taking a $52.9mn hit from the wildfires that ravaged California late last year.
Liberty Mutual Specialty profits absorb heavy cat lossesBoston-based Liberty Mutual’s specialty division reported pre-tax operating income of $92mn for the fourth quarter despite its share of the period’s catastrophes nearly doubling to $120mn year-on-year.
QBE sells LatAm business to Zurich as it confirms $1.25bn 2017 lossQBE’s new CEO Pat Regan has taken his first steps in simplifying the Sydney-headquartered (re)insurance group by selling its Latin American operations to rival Zurich for $409mn.
Berkshire Hathaway’s $3bn cat bill sends it to $3.2bn P&C lossBerkshire Hathaway has revealed that a $3bn catastrophe bill from last year’s hurricanes has pushed it to a $3.2bn pre-tax underwriting loss for 2017.
US tax reforms prompt new James River Bermudian vehicleJames River Group has set-up a new subsidiary - Carolina Re - in response to tax reforms in the US passed by the Trump administration last December.
Alleghany smashes estimates as cat bill comes in lower than expectedAlleghany significantly outperformed expectations in the fourth quarter to deliver a $152.3mn profit that marked a 39.6 percent increase on the same period last year.